As recently as Friday, White House officials declined to specify any demand for the length of a deal to increase the nation’s debt ceiling.
Then on Monday, a White House official said it was up to Congress to decide how long the debt ceiling increase should last.
Economists warn of dire fiscal impacts from failing to raise what is called the debt ceiling, such as a reduced U.S. credit rating that would spike borrowing costs. The economic blow and questions about America’s fiscal fidelity could bring a global slowdown, Obama has warned.
Source: CNN